According to DataHorizon Research, the Metaverse market size was valued at USD 85.2 billion in 2022 and is expected to reach USD 1,397.4 billion by 2032, at a CAGR of 32.4%.
FORT COLLINS, Colo., Oct. 5, 2023 (Globe Newswire) — DataHorizon Research publishes “Metaverse Market Size, Growth, Share, Statistical Report, By Component (Hardware, Software, Services), By Platform” (Desktop, Mobile, Console), By Application (Games, Education, Training, Social Media, Entertainment, Tourism, Real Estate, Healthcare), Forecast By Region, By Segment, 2023-2032.
According to DataHorizon Research, metaverse market The market size was valued at USD 85.2 billion in 2022 and is expected to reach USD 1,397.4 billion by 2032, at a CAGR of 32.4%.
The Metaverse is a collection of linked online spaces that enable interaction between augmented reality, physical reality, and virtual reality. Under an immersive environment, users can seamlessly communicate with friends, work, travel, purchase goods and services, and participate in virtual events. Convey rich, immersive experiences and give users digital attributes. Recently, there has been an increasing demand for ways to make online communication more realistic in the future, based on possibilities such as home learning, remote working and establishing a virtual presence. As a result, there is an increasing emphasis on merging the physical and digital worlds through the Internet, driving the expansion of metaverse businesses. In the medical industry, Metaverse is used to demonstrate operations using his 3D or 4D images.
The Metaverse traces the advanced stages of the evolution of the Internet. Augmented reality, virtual reality machine learning, block chain technology, and advances in artificial intelligence are all drivers of the metaverse. These technologies are continuously being developed and updated, creating opportunities in the market.
The growth of cryptocurrencies and gaming are further driving the market growth. The increasing demand for digital asset purchases is also contributing to the market development. These assets are typically purchased using cryptocurrencies. The main advantage of digital assets is that they do not affect physical and environmental conditions. Additionally, devices such as MR headsets, VR headsets, heads-up displays (HUDs), helmet-mounted displays (HMDs), and smart helmets can be used to provide a first-person perspective, 6 degrees of freedom, and an intuitive user interface (UI). ). , and smart glasses to increase the adoption rate.
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The global Metaverse market is segmented into components, platforms, applications, technologies, and regions. Gaming is a rapidly growing application area due to its increased popularity in recent years. The Metaverse industry has expanded its consumer base over the past few years with the emergence of gaming startups with innovative gaming modules.
North America is a standout market for Metaverse in terms of revenue. The gaming industry saw a significant increase in revenue due to increased adoption of immersive technology by gaming startups. Additionally, these startups are attracting significant attention due to their heavy spending on gaming technology.Asia Pacific is a fast-growing market for the Metaverse industry and is expected to register a high CAGR in the coming years
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Metaverse Market Report Highlights
The emergence of immersive technology in the entertainment industry will significantly propel the growth of the Metaverse market. Additionally, a heavy reliance on artificial intelligence and machine learning supplements the metaverse industry.
Hardware is a key component of the Metaverse industry. Demand for AR and VR headsets, goggles, and 4D events supplemented that growth.
Prominent players in the Metaverse market report include META, NVIDIA Corporation, Snap Inc, Microsoft, EPIC Games, Qualcomm Technologies, Decentraland, AES Gener, Roblox Corporation, and Nextech AR Solutions.
Industry trends and insights:
In 2023, India has emerged as a promising technology hub in the technology industry. The increasingly popular Metaverse of virtual reality has the potential to revolutionize India’s education system. For example, many schools in India are now implementing science, engineering, technology and mathematics (STEM) education to incorporate expanded knowledge and decipher future challenges.
In 2023, Shemaroo Entertainment introduced Metaverse content to JioDrive users in India. It is named ShemarooVerse, designed in partnership with Microsoft AZURE, Seracle, and NEAR Protocol.
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Metaverse Market Segmentation:
By application: Gaming, Training, Social Media, Education, Tourism, Real Estate, Healthcare
By region: North America, Latin America, Europe, Asia Pacific, Middle East, Africa
About DataHorizon Research:
DataHorizon is a market research and advisory firm that helps organizations around the world develop growth strategies that align with changing business dynamics. Its services include enterprise-wide consulting services and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term, sustainable trends in the market makes complex decision-making easier for organizations.
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